SOXS vs. SH
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds - SOXS tracks the PHLX Semiconductor Index (-300%) while SH tracks the S&P 500 Index (-100% daily). Both are passively managed. Over the past 10 years, SOXS returned -79.95%/yr vs -13.02%/yr for SH. A 0.77 correlation means they provide meaningful diversification when combined. SOXS charges 1.08%/yr vs 0.89%/yr for SH.
Performance
SOXS vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -94.69% return, which is significantly lower than SH's -6.86% return. Over the past 10 years, SOXS has underperformed SH with an annualized return of -79.95%, while SH has yielded a comparatively higher -13.02% annualized return.
SOXS
- 1D
- -8.08%
- 1M
- -57.31%
- YTD
- -94.69%
- 6M
- -94.57%
- 1Y
- -98.20%
- 3Y*
- -88.23%
- 5Y*
- -81.24%
- 10Y*
- -79.95%
SH
- 1D
- 0.36%
- 1M
- 0.27%
- YTD
- -6.86%
- 6M
- -6.32%
- 1Y
- -16.57%
- 3Y*
- -12.31%
- 5Y*
- -8.76%
- 10Y*
- -13.02%
SOXS vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -94.69% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
SH ProShares Short S&P500 | -6.86% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
Correlation
The correlation between SOXS and SH is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.77 |
The correlation between SOXS and SH has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.
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Return for Risk
SOXS vs. SH — Risk / Return Rank
SOXS
SH
SOXS vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and ProShares Short S&P500 (SH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SOXS | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 0.61 | 0.79 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.96 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.46 | -1.73 | +0.27 |
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Drawdowns
SOXS vs. SH - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than SH's maximum drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for SOXS and SH.
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Drawdown Indicators
| SOXS | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -94.66% | -5.34% |
Max Drawdown (1Y)Largest decline over 1 year | -98.17% | -17.35% | -80.82% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -38.82% | -61.05% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | -44.53% | -55.45% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -76.12% | -23.88% |
Current DrawdownCurrent decline from peak | -100.00% | -94.56% | -5.44% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -67.78% | -24.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.64% | 10.40% | +57.24% |
Volatility
SOXS vs. SH - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 61.89% compared to ProShares Short S&P500 (SH) at 4.59%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 61.89% | 4.59% | +57.30% |
Volatility (6M)Calculated over the trailing 6-month period | 97.94% | 9.75% | +88.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 115.12% | 12.40% | +102.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 110.92% | 16.94% | +93.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.99% | 18.06% | +83.93% |
SOXS vs. SH - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than SH's 0.89% expense ratio.
Dividends
SOXS vs. SH - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 101.68%, more than SH's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 4.45% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 101.68% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% | 0.00% |
Frequently Asked Questions
SOXS and SH have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (61.89%) compared to SH (4.59%). In terms of maximum drawdown, SOXS dropped -100.00% vs SH's -94.66%.
On 10-year performance, SH leads with -13.02% vs -79.95% for SOXS. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SH has performed better with a -13.02% return vs -79.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.89% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 101.68%, compared with 4.45% for SH.
SOXS tracks PHLX Semiconductor Index (-300%), while SH tracks S&P 500 Index (-100% daily). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SOXS and 0.89% for SH.
SOXS currently has the higher Sharpe Ratio (-0.85 vs -1.34), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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